Quit everything , and start again over 50?

harz99

AC this may interest you, but if your going to do it make it soon rather than later, and certainly before the Budget on March 8th in case things change.


http://www.hl.co.uk/pensions/sipp/how-much-can-i-invest


Basically invest the total of your earnings this tax year, hold it in cash, the Government will add an extra 20%, then once you reach age 55, move the pot into drawdown, take the maximum lump sum and the rest over however many months you wish from the options.


If you need help go over to the Pensions section of Essential Money on this site, plenty of help there.


Been doing something very similar for my wife who is a non taxpayer and gets £720 extra on £2880 paid in.


The extra you get would pay for those carpets...

another_casualty

Thanks harz . WIll look into that

another_casualty

I have received the survey report.
It was sent , just before midnight . Bottom line is, there will be cost and inconvenience involved which I should be prepared for .

Main causes for concern: boiler in the small bedroom must be moved ,and is considered dangerous . I mentioned it being odd when viewed the flat at the time.
Lack of sub floor ventilation .
Those two issues together mean that I would have to get a heating and ventilating specialist before I move in.
A reputable plumber and contractor would also be needed.
Valve in toilet cistern is faulty. It's boxed in .
Minimal head clearance in the shower. I noticed that also.
I was/ am thinking of having bath ripped out and just have a shower room.
The bay window in the living room , will imho have to be replaced.
It doesn't open fully( not good for fires) and restricts ventilation.
Imagine that in the summer.

I could go on( don't I always ).
I have forwarded it to my solicitor , and asked him to inform me of any major catastrophe . Also to friends and my brother who has been in various parts of the building game for years.
How much would it cost to make it my home? Is it worth persisisting ?

Lots to think about

harz99

AC, are any of the things you mention above marked as no. 3 - immediate attention required? Or are they marked as no. 2 - advisory for future attention.


Surveys are often alarming at first look, due to the surveyor couching the report in terms that protect him/her from future action.


Yes the bay window may not open fully enough to provide a fire exit, but that is not uncommon with some window styles, a strategically placed large hammer or special emergency hammer of the type used on buses and trains would sort that problem out without replacing the whole bay!


Notwihstanding the above, it would seem that if you are to proceed with this flat a renegotiated lower purchase price is a must.


Bear in mind that any survey for another buyers mortgage purposes would throw up the same items, so if they really are urgent issues a.n. other and the seller would still face the same price issue.


I know you place a lot of store on the opinion of your nearby friend, but unless he is either a specialist in the areas mentioned, or a general builder, his input is just his opinion and in this instance you would need to be guided by professionals not laymen.


Good luck.

another_casualty

Thanks harz
Immediate attention : inspect boiler . Lack of sub floor ventilation .
The floor structure and sub floor should also be inspected.
Need to get quotes to insert vents at low level.

How much am I able to negotiate price wise ? ' offers over £170,000'
Price accepted £167,000
This may not trouble some buyers, if they just want to,let the property out .

I suppose it comes down to cost of the buyer.

I notice the surveyor never looked under the carpets etc.

Good job I never got the bog standard survey.

When I took survey out with the company . I paid extra for the valuation . That hasn't arrived yet, but I'll give them a call .

Overall opinion of survey :" a reasonable proposition for purchase , provided you are prepared to accept the cost and inconvenience of dealing with the various improvement repair works reported..."
The rest more or less says , that it's because it's an old building approx 1900. "If The necessary works are carried out to a satisfactory Standard , and the property is kept in good repair there are no reasons why there should be any special difficulties in resale in normal market conditions "
That's the crux of it

another_casualty

Just received a nice email from the surveyor .
He Said that he is in the office , and left his no.for me to call.

I will ask him how much does he think roughly it would cost to do,it right. Also, if I do go for the property, would he know anybody .
Is it worth asking for a price reduction .

Solicitor is away today .

If I do go ahead, and things work out , I am still contracted to be in my current flat until end of may. This would be hugely beneficial .

dreaming

Hi AC. Re survey - surveyors often don't lift carpets in case of damaging them. Windows in bedrooms have to fully open in case of fire, but not in a lounge - so that is something you need to think about but not necessarily cause for reduction. Floor structure and sub-floor note is quite standard for an older property imo, it has been in all surveys I have had. Again it is limited as to what can be inspected before purchase.
As to taking the bath out and having a shower room then that is a solution but again is seen as "personal preference" and may not be a bargaining area. Although it is always worth a punt.
I would definitely speak to the surveyor - they often say more on the phone/in person than they can put into a report. For example, on the bungalow I nearly bought before this one the written report was very factual, but the surveyor actually told me on the phone that when he had picked up the keys the estate agents were laughing about the vendor and called him Bob the Bodger. Obviously he couldn't write that down but I am glad he told me.
Re boiler - it may have been installed before legislation changed but you would probably need a proper gas engineer to tel you what is possible re moving it. Unfortunately buying an older property (especially one that has been converted into flats) will nearly always throw up some "anomalies". Good luck.

Worrierwalker

Re survey. I think sometimes you have to just weigh up how much you want the property. It sounds like you had a good thorough survey. We had several issues with ours but decided, due to lack of similar properties in our chosen area,and the fact that we loved it, that it was still worth pursuing. We finally exchanged on Friday, so I'm quite excited.

another_casualty

Thanks dreaming /worrier.
True about the older properties . When I left my last place, it was solid. The buyers got a standard survey. I have a feeling about that.
That is all they needed.
I went for the middle one. He supplied photos as well .

For the price , it is good value. Unless it costs lots of thousands to sort out the faults. There is a very similar property which I mentioned a few doors away. It has one bedroom ,and the asking price is £165,000
This one seems much better. The other one is still on the market.

My gut reaction : if I can get everything done for less than say £10,000 then it is worth pursuing .
The electric box is old apparently.. that was inspected last year.
I assume it's the old fuse wire type. That would have to go.
Decisions decisions

another_casualty

Just been looking into the sub floor ventilation.
It doesn't look like a massive, or too expensive job .
I'll do nothing yet. It's obvious the boiler has to be moved, as it is against building regulations .
The solicitor will advise me on anything major.
Then of course , the lease . What kind of company run it etc.
I probably mentioned ages ago in this thread about the way some property management companies go about their business.
Again , my solicitor should guide me .

He may tell me to raise concern over other issues and I may get a price reduction , or pull out altogether . Who knows ?
I'll just stay calm and focused. It's more than just looking at the flat.